President Donald Trump is due to decide on May 12 whether he will scrap a deal brokered by the United States, Russia, France, Germany and the U.K. - a deal which Trump has called "terrible".
At the time of writing, WTI traded at US$67.80 a barrel, with Brent crude at US$72.91 a barrel. Despite putting a proposal forward for an enhanced Iran nuclear deal, French President Macron said he expected President Trump to pull out of the deal.
Venezuela's crude production has fallen from nearly 2.5 million barrels per day (bpd) in early 2016 to around 1.5 million bpd due to political and economic turmoil.
Oil markets are underestimating the impact that a collapse of the Iran nuclear deal - and the re-imposition of USA sanctions on Iran - could have on prices, a Middle East strategist told CNBC.
U.S. oil major Chevron Corp has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned oil company PDVSA.
USA crude production rose by 46,000 barrels per day (bpd) on the previous week, to 10.59 bpd.More news: Nigeria's Fibble Fight Against A Deadly Scourge
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"The builds in crude oil and gasoline inventories are obviously negative, but soaring crude oil and gasoline exports cut against those data points", said John Kilduff, partner at energy hedge fund Again Capital LLC in NY.
The supply side-driven increase in crude oil prices is likely to spur a major differentiation in emerging markets' performance, hurting large net oil importers with weak economic fundamentals, possibly by more than it benefits large net oil exporters, the brokerage said.
The statistical arm of the US Energy Department at the Energy Information Administration on Wednesday, April 25, said crude oil export from US hit 2.331 million barrel per day.
At 429.7 million barrels, US crude oil inventories are in the lower half of the average range for this time of the year.
A loading programme compiled by Reuters showed that exports of crude from Nigeria averaged 1.61 million bpd. The previous record-high was set the week ending March 30 at 2.175 million bpd.
The soaring US output has made WTI crude around $6 per barrel cheaper than Brent, the worldwide benchmark for oil prices.